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An analysis of USDA's cattle inventory report argues the feeder cattle shortage is overstated. Estimated feeder supply outside feedlots was 26.1 million head, down 607,000 from a year earlier.
The calf crop rose only 2 percent against a 3.5 percent cowherd increase.
If feeder supplies are larger than the shortage narrative suggests, calf and feeder prices could face less upward pressure. Buyers may see more supply than the market expects.
tsln.comDavid P. AndersonFeb 23, 2018After 126 past bearish report events, FCATTLE moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), and +0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
